Treasurer picks new RBA deputy

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The government has named a new deputy governor in a five-year appointment to the Reserve Bank of Australia (RBA) following the resignation of Guy Debelle last month. 

Michele Bullock is the first woman to hold the role in the 62-year history of the RBA. She will take up the position of deputy governor immediately.

“I am honoured to be appointed deputy governor of the Reserve Bank of Australia and excited by the opportunity to serve the people of Australia in this new role,” she said in a statement. 

Bullock began her career with the RBA in 1985, starting out as an analyst, and worked her way to the position of assistant governor (financial system) where she is responsible for work on financial stability and oversight of the payments system.

Bullock also holds the position of Reserve Bank Board deputy chair and Payments System Board deputy chair. She is a member of Chief Executive Women (CEW) and executive sponsor of the RBA’s employee resource group for accessibility. 

In a statement announcing her appointment on Friday, treasurer Josh Frydenberg said Bullock had enjoyed a distinguished career and thanked her predecessor Debelle for his ‘outstanding contribution’ over three decades. 

“Ms Bullock is also a member of the Council of Financial Regulators and works extensively with the Australian Prudential Regulation Authority, the Australian Securities and Investments Commission and the Department of the Treasury.

“The government looks forward to working with Ms Bullock,” Frydenberg said. 

Today Michele Bullock was appointed Deputy Governor of the @RBAInfo, the first female Deputy Governor in the RBA’s 62 year history. 

Michele’s distinguished career began at the RBA in 1985 and I look forward to her outstanding contribution in her new role. pic.twitter.com/wmLVmDgHYm

— Josh Frydenberg (@JoshFrydenberg) March 31, 2022

RBA governor Phillip Lowe welcomed the news of Bullock’s appointment and also for her new position on the RBA board. He noted that Bullock had considerable management experience. 

“Michele brings a wealth of experience to the position. She has played a leading role in the Bank’s work on financial stability and has a well-deserved international reputation for her work on payments systems,” Lowe said.